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ITFC won two prestigious Islamic Finance News Deal of the Year awards for its $604 million financing to Egypt and $30 million Murabaha facility to Tajikistan.Jeddah, March 15, 2025 – The International Islamic Trade Finance Corporation (ITFC), the trade finance arm of the Islamic Development Bank (IsDB) Group, has been honored with two prestigious Islamic Finance News (IFN) Deal of the Year awards for 2024, recognizing its significant contributions to global trade finance and economic development. These awards underscore ITFC’s commitment to facilitating critical trade finance solutions that support economic stability and growth, particularly in emerging markets. The first of…

Saudi Arabia’s Tadawul All Share Index (TASI) ended the second week of March with a slight decline for the third consecutive week, closing down 0.73% at 11,725.88 points, compared to the previous week’s close of 11,811.11 points. In an analysis of the market performance during the week ending March 13, Dr. Suleiman Al-Humaid Al-Khalidi, a financial market analyst, told Asharq Al-Awsat that the market experienced a sharp decline not seen in years, coinciding with a drop in global markets, particularly in the US, where $2 trillion in value was wiped out in a single day. This accounted for roughly 60%…

Reuters/Kaylee Greenlee Kuwait Petroleum Corporation CEO Shaikh Nawaf Al-Sabah speaks during CERAWeek CERAWeek, the annual gathering of the energy elite in Houston, Texas, is an intense crash course in the state of world oil and gas markets, geopolitics and all the technological paraphernalia that keeps the global economy turning. There is an unspoken rivalry between CERAWeek and Adipec – the autumn gathering in the UAE which also draws a global energy audience – but in the era of President Trump and American “energy dominance”, Houston is the place to be in 2025. It’s difficult to distil the sheer weight of…

LONDON — Gold prices reached $3,000 an ounce for the first time in history Friday, boosted by demand for safe-haven assets as investors fret about President Donald Trump’s tariffs and geopolitics.Prices hit a record $3,005 before paring those gains to trade at $2,994 at 9.04 a.m. ET.Jason Hollands, managing director at Evelyn Partners, a UK wealth manager, described the yellow metal as “the panic asset of choice” and said the latest rise in prices reflected “the extreme uncertainty facing the global trade system at the moment from the Trump administration’s erratic and aggressive approach to tariffs and corresponding retaliatory measures.”On…

Alamy via Reuters The phasing out of Opec+ production cuts and the impact of potential US tariffs on Canadian imports all point towards a period of heightened volatility within global markets Between 10am and 4:30pm on March 11 the tariff rate on Canadian aluminium and steel imports to the US was hiked to 50 percent, then dropped back to the original 25 percent.  Pity the unlucky trucker who crossed the border a few minutes late. With such turbulent policy it’s no wonder that stock markets and oil prices are nosediving. Brent crude has slid almost continuously since a peak at…

  Danil Shamkin/NurPhoto via Reuters Connect Cyprus appeals to Gulf investors on multiple fronts, from real estate to shipping Gulf energy, communications, health and shipping companies have been taking a closer look at Cyprus – both offshore and onshore. Out at sea, Qatar Energy is pushing forward with natural gas exploration – and may soon be joined by the Abu Dhabi National Oil Company (Adnoc). Meanwhile, Taqa, the Abu Dhabi energy and water company, is reportedly interested in a massive underwater electricity interconnection project.  Onshore, that emirate’s Pure Health bought a 60 percent stake – worth $2.3 billion – in Hellenic…

Pexels/Hisham Zayadneh Jordan’s capital, Amman. It buys or sells gold reserves almost every month, more frequently than its Mena peers Jordan region’s most active gold trader Prices up 13% in 2025 Saudi Arabia holds Mena’s most gold Middle Eastern states are upping their trade in gold as price shifts create opportunity. Qatar, Egypt and Jordan have all bought sizeable amounts of gold in recent months, according to data from the World Gold Council and official announcements. Qatar and Egypt increased their holdings by 1.2 and 0.5 tonnes respectively, March data from the WGC shows, while Jordan announced this week that…

Saudi Arabia has made significant strides in the biotechnology sector following the launch of its national strategy in early 2024, aiming to position itself as a leading global hub in the field. The Kingdom has witnessed rapid developments in regulatory frameworks and infrastructure, facilitating the establishment of research centers and specialized laboratories that drive progress toward the strategy’s goals. Biotechnology is a broad scientific and technological discipline involving the use of microorganisms, cells, and biological systems to develop products and applications that benefit various industries. It is considered a key tool for fostering development and enhancing societal well-being. Prince Mohammed…

Saudi Arabia’s Tadawul All Share Index (TASI) ended the second week of March with a slight decline for the third consecutive week, closing down 0.73% at 11,725.88 points, compared to the previous week’s close of 11,811.11 points. In an analysis of the market performance during the week ending March 13, Dr. Suleiman Al-Humaid Al-Khalidi, a financial market analyst, told Asharq Al-Awsat that the market experienced a sharp decline not seen in years, coinciding with a drop in global markets, particularly in the US, where $2 trillion in value was wiped out in a single day. This accounted for roughly 60%…

Amr Alfiky/Reuters The aftermath of flooding in Dubai. UAE insurance companies are believed to have paid out about $3 billion Payouts increased after floods Ominvest profit down 7% Losses at Liva Group insurers Losses at an insurance subsidiary caused by the deadly floods that struck Oman and the UAE last year hit profits at Oman International Development and Investment Company (Ominvest), a large listed holding company. Ominvest reported net profit of $96 million in 2024, down 7 percent year on year from $104 million in 2023. The company’s share price closed at OMR0.330 on Thursday, down from a peak of…